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Russia Consumer Prices Rise 6.5% in 2013, Exceed Central Bank Target

01/09/2014 | 07:15am US/Eastern

MOSCOW--Russia's consumer prices rose 6.5% in the whole of 2013, exceeding the central bank's target due to a stronger-than-expected increase in food prices, data from the Federal Statistics Service showed Thursday.

In December alone, consumer prices rose by 0.5%, at the same pace as in the same month a year ago.

The central bank had aimed to contain inflation in the range of between 5% and 6% in 2013 and shrugged off calls from industrialists to lower rates in order to prop up economic growth.

The central bank's main commitment now is to tame inflation along with lowering inflationary expectations and it has repeatedly said that a rate cut would be possible only if these two aims were to be achieved.

The central bank's inflation target for this year stands at 5%.

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